Kathmandu. Nepal Automobile Importers and Manufacturers Association (NAIMA) has suggested to the Rastra Bank in the upcoming monetary policy. Naima’s chairperson Ritu Singh Baindh met newly appointed Governor Bishwanath Poudel and gave his suggestions.
Naima has asked banks and financial institutions to provide up to 80 percent finance on all types of vehicles through the upcoming monetary policy. In its suggestion to Governor Poudel, NAIMA said, “Nepal
in financial discipline and economic growth, incorporating the interests of both electric and engine vehicle sectors.
Rastra Bank highly respects the initiative shown by it. In this context, we request that the debt ratio regime be reviewed in accordance with international standards, the nature of vehicles and market demand. For this, we request you to maintain 80% – 20% loan ratio for all types of vehicles. We believe that such a policy adjustment will help increase consumer access, expand the auto market and achieve the overall economic goals of the country. ”
Nepal Rastra Bank (NRB) has reduced the 80 per cent finance provided on electric vehicles to 60 per cent. Currently, according to Nepal Rastra Bank (NRB) rules, only Chinese companies based in China are allowed to open LC (Letter of Credit) in Chinese yuan for vehicles of Chinese products. However, if the beneficiary company is not Chinese, then the LC cannot be opened in yuan. However, in the current global economic structure, many companies operate under tripartite agreement, where producers, transporters and beneficiaries can be from different countries. Naima has asked to change this system.
Naima has urged the Nepal Rastra Bank (NRB) to allow importers to open LC in Chinese yuan irrespective of the country of the beneficiary company in case chinese products are produced in China and shipped from China.
Similarly, it has been suggested to reduce the rate of risk weighted assets for loans from the current 100% to 75%. This change will help make loans easily available as vehicle prices are sustainable and reselling prospects are good. Naima claims that this will boost the market and maintain financial security. It has demanded to increase financing on vehicles as vehicle loans are safe loans with the lowest default rate in banks.
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